© Reuters. FILE PHOTO: Thyssenkrupp’s logo is seen in the elevator test tower in Rottweil, Germany, January 21, 2020. REUTERS/Michaela Rehle


FRANKFURT (Reuters) – German conglomerate Thyssenkrupp (DE:) on Tuesday raised its full-year outlook for the second time in three months, boosted by a global economic recovery that drove demand for steel, car parts and materials.

The group now expects adjusted earnings before interest and tax to reach a mid triple-digit million euro amount in the year to September, having previously forecast to almost break even.

The submarines-to-bearings maker is emerging from years of crisis during which it lost two CEOs, warned on profits numerous times and sold its elevators division – its crown jewel – to private equity.

“But we also know that we still have a lot of work to do. So we’re not sitting back. The realignment of Thyssenkrupp remains a journey of many small steps – and we’re taking those steps,” Chief Executive Martina Merz said.

The group’s steel division, Europe’s second-largest after ArcelorMittal (NYSE:), swung to adjusted earnings before interest and tax of 47 million euros, compared with a 181 million euro loss in the same period last year.

Thyssenkrupp is considering spinning off the division after several attempts to merge or sell it, including to Britain’s Liberty Steel, have failed.

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